Recommended podcast: America - A Gigantic Pretense - Explaining the Everything Bubble in Simple Terms, by Pastor Kevin Swanson
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Man in America: Economist Warns “Biggest Crash of Our Lifetime” in 2024 w/Dr. Kirk Elliott
Here is a short excerpt from this video:
"Over the last 12 months the interest on our federal debt, with rising interest rates, have gone from $400 billion to $850 billion. It's doubled, because interest rates have doubled. So just those things: Welfare, handouts, interest payments are equal to everything we bring in. Well, what about our defense budget? What about infrastructure? What about education? What about running the country? What about everything else? That's why they're expecting the actual expenditures are going to probably be 2.5 trillion dollars more than we bring in. Put that into perspective: From 1776 to 1980 - 204 years we amassed $980 billion dollars in federal debt. That was what our federal debt was in 1980. It took 204 years to get to that point. In the last 15 years we've amassed $27 trillion of our $34 trillion debt..."
"Over the last 12 months the interest on our federal debt, with rising interest rates, have gone from $400 billion to $850 billion. It's doubled, because interest rates have doubled. So just those things: Welfare, handouts, interest payments are equal to everything we bring in. Well, what about our defense budget? What about infrastructure? What about education? What about running the country? What about everything else? That's why they're expecting the actual expenditures are going to probably be 2.5 trillion dollars more than we bring in. Put that into perspective: From 1776 to 1980 - 204 years we amassed $980 billion dollars in federal debt. That was what our federal debt was in 1980. It took 204 years to get to that point. In the last 15 years we've amassed $27 trillion of our $34 trillion debt..."
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The source of the following quote has been disputed, but I think the truth remains clear:
- "A democracy cannot exist as a permanent form of government. It can only exist until the majority discover it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship and then a monarchy."
